Note 7 - Other Real Estate Owned ("OREO")

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Real Estate Owned [Text Block]

Note 7. Other Real Estate Owned (“OREO”)

As of

December 

31,

 

2019

and

2018,

OREO aggregated of

$2.4

million and

$2.9

million, respectively. The

2019

OREO balance consists of

two

foreclosed residential properties that are currently being marketed for sale. At

December 31, 2018,

OREO consisted of

one

residential property acquired in connection with the acquisition of Prime Bank in

May 2018,

was sold in

2019

and Patriot recognized a loss of

$14,000.

No

OREO property was sold in

2018.

The recognized loss is included in the other operating expenses on the Consolidated Statements of Operations.